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If Barack Obama wins reelection in 2012, as is now more likely than not, historians will mark his comeback as beginning on Dec. 6, the day of the Great Tax Cut Deal of 2010.

Obama had a bad November. Self-confessedly shellacked in the midterm election, he fled the scene to Asia and various unsuccessful meetings, only to return to a sad-sack lame-duck Congress with ghostly dozens of defeated Democrats wandering the halls.

Now, with his stunning tax deal, Obama is back. Holding no high cards, he nonetheless managed to resurface suddenly not just as a player but as orchestrator, dealmaker and central actor in a high $1 trillion drama.

Compare this with Bill Clinton, greatest of all comeback kids, who, at a news conference a full five months after his shellacking in 1994, was reduced to plaintively protesting that "the president is relevant here." He had been so humiliatingly sidelined that he did not really recover until late 1995 when he outmaneuvered Newt Gingrich in the government-shutdown showdown.

And that was Clinton responding nimbly to political opportunity. Obama fashioned out of thin air his return to relevance, an even more impressive achievement.

Remember the question after Election Day: Can Obama move to the center to win back the independents who had abandoned the party in November? And if so, how long would it take? Answer: Five weeks. An indoor record, although an asterisk should denote that he had help - Republicans clearing his path and sprinkling it with rose petals.

Obama's repositioning to the center was first symbolized by his joint appearance with Clinton, the quintessential centrist Democrat, and followed days later by the overwhelming 81 to 19 Senate majority that supported the tax deal. That bipartisan margin will go a long way toward erasing the partisan stigma of Obama's first two years, marked by Stimulus I, which passed without a single House Republican, and a health-care bill that garnered no congressional Republicans at all.

Despite this, some on the right are gloating that Obama had been maneuvered into forfeiting his liberal base. Nonsense. He will never lose his base. Where do they go? Liberals will never have a president as ideologically kindred - and they know it. For the left, Obama is as good as it gets in a country that is barely 20 percent liberal.

The conservative gloaters were simply fooled again by the flapping and squawking that liberals ritually engage in before folding at Obama's feet. House liberals did it with Obamacare; they did it with the tax deal. Their boisterous protests are reminiscent of the floor demonstrations we used to see at party conventions when the losing candidate's partisans would dance and shout in the aisles for a while before settling down to eventually nominate the other guy by acclamation.

And Obama pulled this off at his lowest political ebb. After the shambles of the election and with no bargaining power - the Republicans could have gotten everything they wanted on the Bush tax cuts retroactively in January without fear of an Obama veto - he walks away with what even Paul Ryan admits was $313 billion in superfluous spending.

Including a $6 billion subsidy for ethanol. Why, just a few weeks ago Al Gore, the Earth King, finally confessed that ethanol subsidies were a mistake. There is not a single economic or environmental rationale left for this boondoggle that has induced American farmers to dedicate an amazing 40 percent of the U.S. corn crop - for burning! And the Republicans have just revived it.

Even as they were near unanimously voting for this monstrosity, Republicans began righteously protesting $8.3 billion of earmarks in Harry Reid's omnibus spending bill. They seem not to understand how ridiculous this looks after having agreed to a Stimulus II that even by their own generous reckoning has 38 times as much spending as all these earmarks combined.

The greatest mistake Ronald Reagan's opponents ever made - and they made it over and over again - was to underestimate him. Same with Obama. The difference is that Reagan was so deeply self-assured that he invited underestimation - low expectations are a priceless political asset - whereas Obama's vanity makes him always needing to appear the smartest guy in the room. Hence that display of prickliness in his disastrous post-deal news conference last week.

But don't be fooled by defensive style or thin-skinned temperament. The president is a very smart man. How smart? His comeback is already a year ahead of Clinton's.

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